Tax News - Moore Thompson
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Tax News

From time to time, we produce information for clients on a number of topical and important issues, some of which can be found below:

3,000 serious tax evasion investigations conducted by HMRC in a year - July 13, 2016
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According to the latest figures around 3,000 suspected cases of serious tax evasion were referred by HM Revenue & Customs (HMRC) for specialist investigation for the second year running last year. This is an eight per cent increase in the number of cases handed over to the Revenue’s dedicated evasion referral team by its local … Continue reading 3,000 serious tax evasion investigations conducted by HMRC in a year


Rent a Room limit increased by £3,250 - July 13, 2016
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From 6 April 2016, the annual Rent a Room limit increased from £4,250 to £7,500 for the 2016/17 tax year. The Rent a Room scheme allows owner occupiers and tenants to receive tax-free rental income if they provide furnished accommodation in their main home. Automatic exemption from rental income occurs if the gross receipts are … Continue reading Rent a Room limit increased by £3,250


Making Tax Digital will require businesses to use “designated software packages” - July 13, 2016
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The Financial Secretary to the Treasury, David Gauke MP, has confirmed in a letter to the Treasury Select Committee that HM Revenue & Customs plans to require businesses to make quarterly tax returns using “designated software packages” as part of its Making Tax Digital (MTD) initiative. Previously, it was understood that businesses would be able … Continue reading Making Tax Digital will require businesses to use “designated software packages”


Rules changed on Entrepreneurs’ Relief… again - July 13, 2016
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In May we reported concerns that changes to the rules on Entrepreneurs’ Relief would lead to retrospective taxation. The Government now appears to have taken note of these concerns and amended the Finance Bill 2016 to remove the possibility of retrospective taxation – at least in some circumstances. Entrepreneurs’ Relief was introduced by the Treasury … Continue reading Rules changed on Entrepreneurs’ Relief… again


Changes to the rules on Directors’ Loans - June 9, 2016
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The rate of tax on Directors’ Loans increased at the start of the financial year, on 6 April 2016, from 25 per cent to 32.5 per cent of any amount loaned to a shareholder during the previous accounting year, which had not been repaid within nine months of the end of that year. This brought … Continue reading Changes to the rules on Directors’ Loans


Is my email from HMRC really from the Revenue? - June 9, 2016
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This is a question that is often asked of accountants, but how can you spot a fake email purporting to be from HM Revenue & Customs (HMRC)? To help businesses, HMRC has issued new guidance that lays bare some of the techniques used by fraudsters and gives a comprehensive guide on how to tell a … Continue reading Is my email from HMRC really from the Revenue?


Reliefs on Employee Travel Expenses curtailed - June 9, 2016
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Since the start of the new financial year on 6 April 2016, employment intermediaries have had to consider whether a person is subject to supervision, direction or control (SDC) in their work when deciding whether travel from home to work and subsistence expenses can be paid to workers. Many Managed Service Company (MSC) providers have … Continue reading Reliefs on Employee Travel Expenses curtailed


Tax Evasion Criminal Sanctions - June 9, 2016
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The Queen’s Speech in May saw the government announce its intention to bring the proposed Criminal Finance Bill before Parliament that will hold UK companies responsible for failing to prevent their staff facilitating tax evasion anywhere in the world by creating a new criminal offence for corporations that do not take action. The announcement follows … Continue reading Tax Evasion Criminal Sanctions


The taxman’s new tax collecting powers - June 9, 2016
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July 2016 will see the introduction of a new set of tax collecting powers that HM Revenue & Customs (HMRC) will be able to use when it believes tax is due that is not covered by a  self-assessment tax return. The Finance Bill 2016 heralds the introduction of a new tax assessment system similar to … Continue reading The taxman’s new tax collecting powers


Independent watchdog questions quarterly business tax updates - May 13, 2016
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The Administrative Burdens Advisory Board (ABAB) has said it has serious concerns about the government’s proposals to introduce quarterly reporting, similar to tax returns, for businesses. The body, which provides independent oversight of HM Revenue & Customs (HMRC) policies, said the quarterly updates will add an extra burden to businesses due to increased record keeping … Continue reading Independent watchdog questions quarterly business tax updates


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